New French economy minister vows to end infighting on economic policy

Aug 28 2014, 02:33 IST
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Summary"We will fight, but we will not fight against those in our own camp, we won’t fight against part of the French people," says Emmanuel Macron, New French economy minister.

France’s new economy minister vowed on Wednesday to rebuild trust in the euro zone’s second largest economy and put an end to mixed messages and infighting on its economic policy.

Speaking a day after President Francois Hollande named him to replace maverick, anti-globalisation leftist Arnaud Montebourg, 36-year-old former investment banker Emmanuel Macron sought to reassure that he would form a close-knit partnership with finance minister Michel Sapin.

“We will fight, but we will not fight against those in our own camp, we won’t fight against part of the French people, we will fight with all the energy we have,” Hollande’s former top economic adviser said at a handover ceremony with Montebourg. Macron, a former Rothschild banker who was seen as the corporate world’s ear at Hollande's office until he stepped down from the role this year, pledged to try and rebuild trust in France among investors and the French themselves.

Economists have welcomed Macron’s nomination, seen as a sign Hollande will press ahead with a pro-business policy decided earlier this year to cut corporate taxes by 40 billion euros to lift the economy out of stagnation while trimming the deficit.

Montebourg was evicted on Monday for lashing out against that economic strategy, which Macron helped craft.

“This is a change of personnel, almost a change of generation, a change of style,” Sapin told France Inter. “Above all, there is a complete consistency that Montebourg didn't have ... With Macron you know where you are going.”

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